You’ve probably seen businesses present the success of their marketing in statistics – the number of products sold, percentage of marketing emails opened, the conversion rate for online sales, the list goes on and on.
But how can you use analytics in marketing for your own business? And how can it help your business succeed?
These are great questions – and easily answered. Read below to learn why analytics in marketing is so important and how you can use them to improve your marketing strategy.
What Are Analytics in Marketing?
When you hear the term “marketing analytics”, it usually refers to digital analytics. Digital analytics is a way to gather information on customer behavior and turn it into data your company can use to improve marketing tactics and overall sales.
A few examples of digital analytics include page views, bounce rate, and traffic by channel. Your page views is the number of times users viewed a page on your website. Bounce rate is the percentage of users that visited your site and took no action compared to the total visitors.
Website traffic is a measure of how many people are visiting your site at any given time. You can further break down traffic to find out your traffic by device (computer, cellphone, etc.) or by channel (from email, social media post, etc.).
There are hundreds of marketing analytic terms and measurements, but they all have the same goal – learn about the customer and their behavior.
Why Use Marketing Analytics?
Analytics can be used to test theories about your marketing or your audience.
For example, if you wanted to know whether sales would increase when your email marketing campaign started you could compare your total sales for the week before the email was sent and the week after. If you see a big spike in sales, the email was a success! If not, maybe you should reconsider your content or the channel you use for marketing.
You can also use analytics to optimize your website. If you notice that the conversion rate (rate of people buying, downloading, subscribing) is low, you might need to change where the call to action (CTA) button is located on your website. Make sure that people know what you want them to do and how they can do it!
Benefits of Analytics in Marketing
Analytics in marketing can save you time and money on your advertising. By learning about your ideal customer and their behaviors, you can adopt strategies to improve the experience.
And then you can test those improvements by comparing your current analytics to past analytics.
Let the Numbers Tell a Story
Analytics in marketing could change your business’s success forever. Stop spending extra money and resources on marketing without having proof that your new strategy will work.
Learning from analytics allows you to provide a better consumer experience and reap the rewards.
For more business, tech, and finance news, check out the other content on our website!